Europe’s platform tourism is still growing, but not everywhere.
In Q1 2025, platforms like Airbnb, Booking.com, and Expedia collectively hosted 129.6 million guest nights across the EU, according to new Eurostat data. It’s a headline number that points to growth: up 4.8% year-on-year. But beneath that average lies a much more fractured story. Some countries are seeing explosive demand, others are slipping. And it’s not simply a matter of pricing.

This article breaks down what’s really driving growth (or decline) across short-term rental markets in the EU and what professional managers should take away from these diverging trends.

---

About the Data: What Is Eurostat Tracking and Why?

This analysis is based on experimental statistics published by Eurostat, the statistical office of the European Union, using data shared directly by Airbnb, Booking.com, and Expedia. These platforms have been part of a landmark data-sharing agreement with the European Commission since 2020, giving Eurostat access to anonymized booking data across all EU Member States.

As of 2025, the data reflects bookings from three major platforms (Tripadvisor exited the program in late 2024) and focuses on guest nights.

The Fastest-Growing Markets Aren’t the Biggest

Malta, Finland, and Bulgaria led the EU in guest night growth in Q1 2025:

• Malta: +33.5%
  
• Finland: +23.6%
  
• Bulgaria: +22.3%

Source: Eurostat 

These are not the biggest markets by volume, but they posted the fastest growth compared to Q1 2024. So what’s driving the surge?

• Malta is benefiting from its off-season sunshine, expanded flight connections, and pro-remote-work visa programs that make it attractive to long-stay travelers and digital nomads.
  
• Finland is riding a wave of winter tourism demand, especially for northern lights and cabin stays in Lapland. Nature, wellness, and quiet are major draws.
  
• Bulgaria offers affordability and emerging ski tourism. Places like Bansko are gaining visibility on major platforms, helped by infrastructure investment and EU tourism funding.

For managers: These markets are capturing demand by leaning into unique seasonal strengths, value-for-money, and alternative positioning. This is an invitation to think about how your destination presents itself during the shoulder season, and whether you’re doing enough to reach remote workers or nature-seekers.

---

Poland’s Not Just Growing Fast, It’s One of Europe’s Biggest STR Markets

While many might associate high-volume short-term rental bookings with countries like France, Spain, or Italy, Poland is also in the top 7 EU markets by total guest nights. In Q1 2025, it posted an impressive +11.2% growth over the previous year.

Why?

• Poland has a large, price-sensitive domestic travel base.
• Urban centers like Kraków, Warsaw, and Gdańsk are strong city-break destinations.
• Booking.com has deep market penetration here, helping professional operators reach scale.

For managers: Poland shows that you don’t need a Mediterranean climate or global fame to compete on volume. A strong domestic base, healthy regional connectivity, and professional listing infrastructure can create a quietly massive market.

---

Why Are Some Tourism Giants Shrinking?

Not all major markets grew. In fact, Portugal declined slightly (-0.2%), and the Netherlands (-8.1%), Croatia (-5.8%), and Denmark (-3.8%) also posted losses.

Portugal: A Case of Seasonal Distortion and Saturation

• Easter fell in April 2025 (vs. March 2024), pushing spring travel out of Q1.
• Lisbon and Porto are mature markets with tighter STR regulation and perhaps less room to grow.
• Rising prices may be pushing travelers to cheaper alternatives.

Netherlands: Regulation and Price Fatigue

• Amsterdam’s cap on short-term rental nights and other restrictions could be taking a toll.
• Dutch cities are expensive, and price-sensitive travelers may be looking elsewhere.

Croatia and Denmark: Seasonal and Structural Headwinds

• Croatia’s Q1 is always low season; its huge post-COVID rebound may be settling.
• Denmark struggles with winter demand and high costs; regulation has tightened too.
  

For managers: Even top-tier destinations can hit saturation or seasonality walls. Watch for when growth softens not because demand has disappeared, but because supply is constrained, prices are too high, or attention has shifted.

---

The Canary Islands Are Off-Season Gold for Platforms, and Airbnb Knows It

In Q4 2024 (latest available regional data), Spain’s Canary Islands logged 7.6 million guest nights, making it one of Europe’s top-performing regions. The islands offer year-round sun and are a reliable off-peak magnet.

Notably, Airbnb has been active in the Canaries, signing multiple collaboration agreements with local governments. These partnerships focus on data sharing, sustainable tourism, and host education.

For managers: This is a strong signal. Airbnb is investing time and resources in regions that deliver high volume even outside traditional high season. Think about your own market’s off-peak potential — and whether you’re working with, or around, the platforms.

---

Momentum, Not Just Volume, Tells the Story

• Don’t just look at the biggest markets. Look at who’s gaining ground.
  
• Growth doesn’t always follow the sun. It follows opportunity, infrastructure, and smart positioning.
  
• Watch for when regulatory shifts, price fatigue, or seasonality reshuffle the map.

Understanding these dynamics can help professional short-term rental managers better anticipate demand, evaluate expansion, and adjust marketing or pricing strategy across seasons.